Certain provisions of Schedule V has been amended:
- No person shall be appointed as MD/ WTD/ manager, if made offence under the Insolvency and Bankruptcy Code, 2016, the Goods and Services Tax Act, 2017, the Fugitive Economic Offenders Act, 2018.
- The excess remuneration, than the limits prescribed in Section II, item A, can be paid by passing the special resolution.
- Prior approval of the bank, PFI or any other secured creditor is required for payment of excess remuneration, in case of any default is made in their payments.
- In section III, a company can pay any remuneration to its managerial personnel subject to the conditions prescribed in clause (b)
- Form MR-2 (Form of application to the Central Government for approval of the appointment of MD/WTD/manager)has been revised.